Court Approves MT Gox Rehabilitation Plan

The Tokyo District Court has approved a rehabilitation plan of MT Gox creditors said Nobuaki Kobayashi (pictured), the Rehabilitation Trustee.

The plan will now go to creditors for a vote beginning on March 24th 2021 until October 8, 2021.

A creditors meeting is then to be held on October 20th with distribution presumably to follow.

It is thought creditors will approve this plan now seven years after the then biggest and only crypto exchange, MT Gox, went bankrupt.

Some 141,000 bitcoin, worth about $7.2 billion, and 142,000 BCH is to be distributed to creditors, in addition to circa $1.7 billion in fiat.

How they will be distributed depends on whether each creditor specified he/she prefers crypto or cash, but a $2,000 fiat payment will initially be made to all. Then the crypto is to follow.

It looks like the distribution should now be by the end of the year, so closing one of the longest chapter in crypto history.

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